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Here's a quick preview of today's content: South Korea arrests four over crypto payments to terror group, Crypto PAC scales back ad spending, SEC updates transfer agent rules for blockchain, Gal Gadot defends AI use in bitcoin film, Payward tokenizes 100 London-listed stocks and so much more

Looking for institutional guidance on your firm's crypto strategy? Speak to the team at Alvarez & Marsal Crypto. They offer comprehensive advisory services on everything from stablecoin adoption, tokenization and custody to M&A, compliance and risk. Book a call!

Happy Wednesday - Let's dive in.

Market Snapshot

Click here to learn more about the Gannon's portfolios and subscribe to the strategies on Autopilot.* Since inception (7/3/25), Gannon's Crypto Portfolio is up +13.5% Gannon's AI Fund is up +55.8%

• Bitcoin steadies around $77,000 after its best August since 2017

  • BTC defies an oil price spike to a three-month high on new Iran strikes

  • BlackRock drives a $217M BTC ETF rebound as altcoin funds continue their streaks

  • HYPE leads majors as ARB surges +30% on Robinhood Chain, with the chain's DEX volume jumping to $1.6B

• U.S.-Iran tensions escalate and hawkish Fed bets weigh on the broader market

Prediction Markets

• Who's going to be the World Series Champion?

• Deposit $10 and get a $20 bonus with code LIT on signup, only on the Polymarket US app

Headline Roundup
^{_{The major headlines driving crypto markets}}

• BofA, Citi, Goldman and more plan stablecoin venture (CD)

• UK freezes $13.5M amid Premier League crypto sponsor probe (DC)

• Gal Gadot defends AI use in bitcoin film (DC)

• Binance offers options tied to stocks and ETFs (BBG)

• Fake Claude app spreads crypto malware (CT)

• Payward tokenizes 100 London-listed stocks (TB)

• SEC updates transfer agent rules for blockchain (TB)

• X hit by wave of unsolicited password reset emails (CD)

• Crypto PAC scales back ad spending (CT)

• Metaplanet moves 4,800 BTC to Coinbase (CT)

• Cathie Wood's Ark Invest buys $37M in BTC (DC)

• Cango shares plunge on $81.6M loss (TB)

• DeFi Development Corp eyes $20M raise (DC)

• Buying memecoins with credit cards sidesteps crypto rules (TB)

A Message from Alvarez & Marsal Crypto

A&M Crypto: Institutional Digital Asset Advisory, Executed at Scale

Alvarez & Marsal's Crypto practice is the leading global digital asset advisory firm, with 90+ offices worldwide and operators who've executed through every market cycle. A&M combines operational, financial, and industry expertise to take institutions from strategy to deployment: stablecoin adoption, tokenization and RWAs, custody and infrastructure, M&A advisory, IPO readiness, risk and compliance, restructuring and much more.

A&M's clients include half the Fortune 500 and the leading crypto-native and TradFi firms in the industry.

Whether you're looking to adopt stablecoins, standing up digital asset infrastructure, or navigating tokenization/RWAs… A&M has done it before, at scale across finance, operations, engineering, commercialization, risk and compliance.

Talk to A&M Crypto

Venture Capital

• Polymarket raises $300M from 1789 Capital (TC)

• Felix Pago, a stablecoin company, raises $200M led by a16z (TF)

• Fintech Firelight raises $8M led by Gumi Cryptos Capital (CD)

• Catapult Trade, a Solana memecoin platform, raises $6.6M from KuCoin Ventures, Odyana Ventures, Venture Vault VC, and others (CN)

Access the complete VC deal flow on Fundable.

Launches

• Ethena launches Ethena Pay app (TB)

• Kast launches stablecoin business platform (CT)

• Silhouette debuts RFQ trading (TB)

Regulation

• Singapore advances stablecoin rules (BBG)

• Thailand proposes access to crypto derivatives (CT)

Cybersecurity

• South Korea arrests four over crypto payments to terror group (DC)

• Dropbox hackers access accounts through flaw (DC)

Extra Reads

• Last year the curse broke, Bitcoin posted a rare green September, then October flipped the script, a tariff shock erasing $19B in positions in a day, a reminder that seasonal patterns are tendencies, not clockwork - Here's what "Red September" is, and why it still haunts crypto

Chart of the Day

BlackRock's Bitcoin ETF outperforms its S&P 500 ETF since launch

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn't include fees. See more here.